[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-seo-325707-105":3,"detail-sidebar-cat-0-en-105":81,"doc-detail-325707-en":131},{"code":4,"msg":5,"data":6},0,"ok",{"site_id":7,"language":8,"slug":9,"title":10,"keywords":11,"description":12,"schema_data":13,"social_meta":74,"head_meta":76,"extra_data":78,"updated_unix":80},105,"en","labor-banks-and-trade-union-capitalism","Labor Banks and Trade Union Capitalism","","Analysis of the growth of labor banks formed by trade unions, describing how unions secured charters to open joint union-controlled banks, the rapid spread of new institutions across cities and states, and the scale of assets and capital cited for multiple examples. The text contrasts labor-bank voting control with cooperative ideals, argues why depositors and borrowers typically have limited influence, and evaluates the likely effects on credit control and banking expansion.",{"@graph":14,"@context":73},[15,34,56],{"@type":16,"itemListElement":17},"BreadcrumbList",[18,23,27,31],{"item":19,"name":20,"@type":21,"position":22},"https://docshare.wps.com","Home","ListItem",1,{"item":24,"name":25,"@type":21,"position":26},"https://docshare.wps.com/document/","Document",2,{"item":28,"name":29,"@type":21,"position":30},"https://docshare.wps.com/document/research-report/","Research & 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COLUMBIA UNIVERSITY LIBRARIESPRESERVATION DIVISION\n\nBIBLIOGBAPHIC MICROFORM TARGET  \nORIGINAL MATERIAL AS FILMED-EXISTING BIBLIOGRAPHIC RECORD  \nRESTRICTIONS ON USE:  Reproductions may not be made without permission trom Columbia University Libraries.               \n# TECHNICAL MICROFORM DATA\n\nFILM SIZE:          35mmREDUCTION RATIO:      12:/  \nINITIALS:                  B  \nDATE FILMED:                  9.25-97  \nTBACKING是：                                                                                                        26414  \nFILMED BY PRESERVATION RESOURCES,BETHLEHEM,PA.  \n89100000  \nLabor Banks and Trade Union Capitalism  \nBy DAVID J.SAPoss  \nLast month the International LadiesGarment Workers Union secured acharter for a bank which isto be openedin New York this fall with a capital of$500,000.It has introduced the uniquefeature of making their bank a jointenterprise with other Internationalunions.The United Cloth Hat and CapMakers,International Fur Workers,Inteniational Jewelry_Workers andThe Fancy Leather Goods Workershave joined the International LadiesGarment Workers in this undertakingBy way of indicating this afiliation thebank will be known as the InternationalLabor Bank.The idea is spreadingwith such rapidity that it is difficult tokeep countof the labor banks in processof formation.This spring the Brother-hood Bank of Cleveland had before itrequests foradvice and assistance in theestablishment of new banks from laborgroups in no less than 6o cities in 32states in all sections of the country.Announcements of the formation ofnew labor banks appear continuouslyin the labor press.  \nThe labor bank movement is rapidlybecoming a factor in credit controlAlready over a dozen banks are inoperation with capital stock rangingfrom S70,000 in the case of the co-operative Bank and Trust Co.,ofTucson,Arizona,to SI,000,00 in thatof the Brotherhood of LocomotiveEngineers Cooperative National Bankof Cleveland.This latter institutionhas even bought into a bank in WallStreet and is laying plans for an in-dependent bank in New York City.Its resources aggregate $20,000,000.Other banks have experienced ikesuccess.The first to launch a laborbank was the International Associationof Machinists.It founded the Mt.Vernon Bank in Washington,D.C.,in which the Association and its mem-bers own a controlling interest.Start-ing with a paid in capital of $160,0O0its resources now exceed S2,700,000.The Amalgamated Clothing Workershave two banks.Their Chicago bankestablished in the spring of 1922 hasover I0,000 depositors and over $2,500,000 in total resources.Their NewYork bank was opened last spring andcounts 4,100 depositors with $I,878,-000 total resources.Both banks en-gage in all phases of sound banking,such as commercial and checking ac-counts,loans,discounts,time deposits,foreign exchange and so on.  \nThis new venture of labor to musterits financial resources in the control ofcredit through labor banks has beenheralded as a revival of the laggingcooperative movement.Under presentbanking laws,except in Wisconsin,banks cannot be operated on the co-operative principle of one vote per  \nperson irrespective of the stock ownedor amount of money invested.More-over,cooperation presupposes that theowners and users are one and the same;and that each participant invests anapproximately equal sumThe ownersare the consumers under consumers'cooperation.Under producers'cooper-ation the owners are the producers.On the one hand it is a democraticassociation of consumers,with a com-paratively equal investment,to buyjointly;and the other of producers toproduce jointly.Likewise,the ownersof credit unions are those who deposittheir small savingrs andtherefore havethe privilege of occasionally borrowingsmall sums.  \nContrary to cooperative practice,the majority of voting stock in laborbanks is owned by the union,not theindividual members.Unless the de-positors and bor","cbCain826oIdtrnk","https://ap.wps.com/l/cbCain826oIdtrnk","pdf",354292,"English","# Technical Microform Data\n## Film size and filming information\n# Labor Banks and Trade Union Capitalism\n## Expansion and examples of labor banks\n## Credit control and banking law constraints\n# Trade Union Capitalism\n## Voting power versus cooperative principles\n## Depositors, borrowers, and loan patterns","[{\"question\":\"What is described as the core idea behind labor banks created by unions?\",\"answer\":\"Unions formed banks and used their financial resources to influence credit control, including arranging the banks as joint enterprises with other international unions.\"},{\"question\":\"Why does the text argue labor banks do not fully follow cooperative principles?\",\"answer\":\"It states that most voting stock is owned by the union rather than individual members, so depositors and borrowers typically lack a meaningful voice in management.\"},{\"question\":\"What effect does the text suggest labor banks have on the credit system?\",\"answer\":\"It presents labor banks as a rapidly growing factor in credit control, noting that multiple banks are already in operation with varying capital and resources.\"}]","Labor Banks and Trade Union Capitalism | PDF",1789971201]